Facebook may be joining the world of cryptocurrency sooner rather than later.!!

Libra Networks was registered on May 2 with Facebook Global Holdings as a stakeholder. Reuters first reported the development.

The company which is based in Geneva was initially set up to develop financial and technology services and provide related infrastructure and software.

The New York Times have revealed that the service will be functional over the WhatsApp network and over 50 engineers are employed for this project.

It's rumored that Facebook is going to test the new payment method and coin in Asia. India is backed to be the first country in which it will be launched. The reason behind this is India has on average 200 million WhatsApp users, it seems to be the perfect country for launching the new service.

The two leading congressmen on the Senate Committee on Banking, Housing, and Urban Affairs sent CEO Mark Zuckerberg a letter earlier this month that requested he answer a series of questions about how he would handle regulatory and privacy concerns if it develops a digital payment system for its platform.

Facebook has not yet addressed the creation of Libra Networks.